Household Refrigerators and Freezers Market Potential Industry Opportunities | Key Vendors Electrolux, GE, Samsung Electronics, Whirlpool Corporation, Haier, LG Electronics, Panasonic

Household Refrigerators and Freezers Market size is expected to reach USD 78.22 billion by 2025. Growing double-income families in urban areas characterized by rising purchasing power and disposable income have spurred high-product demand. Increasing automation and globalization has made manufacturing economical enabling companies to reduce the costs of appliances for consumers.

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Refrigerators performing beyond minimum energy standards qualify for the ENERGY STAR label. Introducing energy efficiency labels to grow consumer awareness on the differences in costs, energy consumption and benefits would motivate consumers to care about the energy usage in home appliances. With improving efficiency to meet standards, manufacturers have increased the refrigerator size by 20% and provide user-friendly technological advancements such as through-the-door-ice, water tap on the door, and more buying options for consumers.

Industry Growth Drivers:

1. Growing energy efficiency initiatives
2. Increasing purchasing power
3. Technological advancements in product development

Rising higher capacity frost-free fridge demand has witnessed steep growth in the past few years. Competitors have shifted their focus towards the high-end spectrum by introducing premium products. The high capacity side-by-side (SbS) fridges would gain popularity amongst upper-middle class owing to rising double-income families preferring more storage space in refrigerators. Furthermore, maintenance free compressors, increased life cycle and easy financing options will augment household refrigerators and freezers market share over the forecast timeframe.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. Electrolux
2. Aucma Co., Ltd.
3. Dacor
4. Frigidaire Home Products
5. GE
6. Robert Bosch Ltd
7. Samsung Electronics
8. Whirlpool Corporation
9. Haier
10. LG Electronics
11. Panasonic

Downsizing margins, rising R&D costs for introducing new technologies and seasonal demand along with cost variations would restrain household refrigerators and freezers market size over the forecast timeline. The energy efficiency standards would act as an entry barrier in this industry as matching efficiency standards would require heavy investment in R&D and updating automation in manufacturing.

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French door bottom-freezer refrigerator market share was over 25% in 2015. Rising demand for comfortable position for closing and opening doors along with technically advanced flexible storage options would drive industry demand.

Increasing disposable income and requirements for energy efficient products is responsible for Europe household refrigerators and freezers market share forecasts. The energy efficiency upgrade in September 2015 will contribute to rising demand for environmentally friendly products in the U.S. household refrigerators and freezers market. Newly launched models would reduce the energy consumption and operating costs making it reliable for consumers. Moreover, features such as automated temperature adjustability, smartphones connectivity, automated food ordering and desire for having second refrigerator are also forecast to increase demand.

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Changing lifestyles in rural areas will drive the household refrigerators and freezers market size from 2016 to 2025. Significant investments by government in the rural electrification will also support the rising demand. Affordable single door or direct cool refrigerators are expected to be the largest selling units in these markets. With an increase in manufacturing technologies and globalization, products available for all income levels are affordable.

For instance, In January 2016, LG introduced its signature model in the U.S in its premium high-end category. This technology lets users browse through the contents of the fridge by a double knock on the opaque glass, which turns transparent. In the same year, Samsung introduced a new line of refrigerators at CES 2016 in the U.S. It can cement the fridge’s position as the centre of the kitchen offering the technology to convert a freezer to the fridge or vice versa to meet food storage requirements.

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